219 Million DOGE Stuns Major Crypto Exchange Coinbase; What's Happening?

Dogecoin Activity: Large Transfers to Coinbase

Within the past 24 hours, two significant Dogecoin (DOGE) transactions have been detected heading towards Coinbase, a prominent cryptocurrency exchange. According to data from Whale Alert, two transactions totaling 219 million DOGE (valued at over $73.8 million) were transferred from unidentified wallets to Coinbase.

• Transaction 1: 112,670,012 DOGE ($37,990,922) from an unknown wallet to Coinbase.
• Transaction 2: 106,437,367 DOGE ($35,889,352) from a separate unknown wallet to Coinbase.

These transactions have collectively shifted substantial DOGE funds to Coinbase, attracting attention within the crypto community. While deposits to exchanges often indicate a desire to sell, withdrawals suggest buying intentions. However, the specific motivations behind these deposits to Coinbase remain unclear. Potential reasons include:

• Preparation for selling by major holders (whales)
• Freeing up liquidity for other investments or operational costs
• Fund redistribution

Dogecoin Hodler Growth and Market Sentiment

Despite a relatively quiet period, Dogecoin has experienced notable growth in hodlers (wallets holding DOGE) since the beginning of 2025. According to Santiment data, approximately 29,000 new wallets have been added.

• Increasing wallet numbers suggest optimism about the project's long-term prospects.
• Decreasing wallet numbers may indicate excessive fear, uncertainty, and doubt (FUD) and can present opportunities for contrarian investors.

Social media sentiment towards Dogecoin has been mixed. While overall crypto market sentiment has been shifting, DOGE has remained relatively quiet, except for a brief surge in the beginning of the year coinciding with Elon Musk's Twitter handle change.

Since reaching a high of $0.486 approximately a month ago, Dogecoin has lost over 28% of its market capitalization. Crowd sentiment has declined to near its lowest point in the past year. At the time of writing, crowd sentiment for Dogecoin remained bearish.

As of now, DOGE is trading at $0.335, marking a decline of 1.07% over the past 24 hours.